RSS feedford
’Rocky Balboa
FT Alphaville was all set to work through the early morning examining the release of allegedly damning documents relating to the actions of Bank of America Merrill Lynch or its subsidiaries in the ongoing struggle to provide settlements in the foreclosure crisis.
Europe’s auto-ABS revival
We’re not talking about automatic breaking systems either.
Last week it emerged Ford and BMW would be breathing life back into the European market for asset-backed securities by issuing more than €1bn of debt backed by automobile loans and leases.
Ford posts $1bn Q3 profit
Ford Motor on Monday gave hope to a moribund car industry by reporting a $997m Q3 profit, compared with a year-earlier Q3 net loss of $161m. Ford, the only ‘big three’ US carmaker to avoid bankruptcy this year,
Geely named Volvo bidder
Ford Motor on Wednesday named a consortium headed by Zhejiang Geely Holding Group Co as the preferred bidder for its Volvo Swedish brand, bringing the Chinese carmaking group a step closer to buying it.
US consortium vies for Volvo
A US-led consortium is challenging Geely Automobile of China in the race to buy Volvo, the Swedish carmaker, from Ford. The Crown consortium is fronted by Michael Dingman, a former Ford director and turnround specialist,
Ford and Macquarie in loan deal
Ford Motor, the US carmaker that underwent a debt-for-equity swap this year to bolster its balance sheet, has quit Australia’s retail car finance market after selling a A$1bn ($874m) motor loan portfolio to Macquarie Group.
Goldman invests $250m in Geely
A Goldman Sachs-managed private equity fund is investing about $250m in Geely Holding Group’s Hong Kong-listed arm to fund the Chinese automaker’s growth plans, reports the WSJ. Geely is set to announce the investment by Goldman Sachs Capital Partners on Monday.
‘Cash-for-clunkers’ boosts US car sales
Car sales in the US surged by about 16% last month compared with June thanks to demand generated by car scrappage incentives. But year-on-year sales remained lower for most carmakers. GM and Chrysler, which have emerged from court-supervised restructurings,
Ford share issue to raise up to $2bn
Ford Motor, the only one of the three US carmakers to shun a government bail-out, has further distanced itself from its troubled rivals with plans for an equity issue of up to 345m common shares that could raise close to $2bn.
Ford doubles debt buy-back
The finance arm of Ford Motor on Monday doubled to $1bn the amount it would spend to buy back loans following strong interest in the carmaker’s debt restructuring. Ford’s move comes as GM, its rival,
Ford to restructure $10.4bn of debt
Ford Motor moved on Wednesday to bolster its liquidity and avoid a US government bailout by offering to swap up to $10.4bn in debt for equity and cash. Alan Mulally, chief executive, described the debt restructuring as “a critical step” in Ford’s transformation.
Ford chiefs accept 30% pay cut
Bill Ford, chairman of Ford Motor, and Alan Mulally, the Detroit carmaker’s chief executive, have agreed to cut their salaries by 30% this year in a drive to show they are sharing in the sacrifices demanded from lower-level workers.
Ford in talks to sell Volvo
US car-maker Ford, seeking to raise cash to avoid a US federal bailout, is in preliminary talks to sell its Volvo Car unit to Geely Automobile, a Chinese maker of compact cars, reports Bloomberg. Ford will likely get less than the $6.4bn it paid for Volvo in 1999,
Ford to draw $10bn from credit lines
Ford Motor revealed Thursday it is drawing down $10.1bn from its credit lines from its banks amid “concerns about the instability of the capital markets”. Ford also reported a record $14.6bn full-year loss,
Bush feels heat over auto loan while UK ponders similar bailout
US president George W. Bush was on Sunday facing growing pressure from his own party to impose wage cuts and debt write-downs on the US’s troubled auto industry as conditions of the $14bn-$15bn emergency loan Detroit says it needs. Republican Senators last week scuttled legislation to lend Detroit $14bn and in response,
CDS wrap: The week in perspective
This CDS report was written by Markit’s Gavan Nolan
The US municipal bond market is not renowned for its headline-catching abilities. Debt backed by the revenues of US states is viewed generally as a safe,
Auto bailout talks collapse in US Senate
A frantic, last-ditch attempt to forge an emergency-relief package for the Big Three auto makers collapsed in the US Senate, amid a sharp partisan dispute over the wages paid to workers at the troubled manufacturing giants,
Detroit bail-out agreed in principle
The Bush administration and congressional Democrats agreed in principle on Monday on a $15bn emergency loan for US carmakers, but remained at odds over key details as negotiations continued into the night.
US carmakers ask for $34bn
Detroit’s beleaguered carmakers sought to present themselves as lean, innovative and environmentally aware as they appealed to Congress for up to $34bn in emergency loans on Tuesday. In a second appeal to Washington in a month,
Ford studying possible sale of Volvo
Ford Motor said Monday it was reviewing its strategic options for Volvo, “including the possible sale” of the lossmaking Swedish premium brand. The announcement preceded Ford’s submission of its future plans to the US Congress on Monday alongside GM and Chrysler as Detroit’s three car companies make their case for $25bn of emergency aid.
Volvo and Saab ask Sweden for aid
General Motors and Ford have approached Sweden’s government about financial aid for their lossmaking Saab and Volvo brands, reports the FT. The two US automakers want to bolster the marques’ finances with a view to selling them as they grapple with a severe cash crunch.
Congress reaches impasse on car bail-out
The US Congress sent car makers away empty handed on Thursday after Democratic leaders said lawmakers were unable to approve a new emergency loan for the troubled auto sector. Auto industry chiefs’ pleas for aid appeared to backfire after two days of hearings on Capitol Hill.
Vroom!
That’s the sound that US equities make when they rally massively because – against the odds – a rescue deal appears to be in the works for Ford, GM and Chrysler.
Per Bloomberg, emphasis FT Alphaville’s:
Insurers pull cover from GM and Ford suppliers
Troubled US carmakers GM and Ford have been given a potentially devastating vote of no confidence by three big European credit insurers, which have removed cover from their suppliers. The withdrawal of credit insurance – which covered suppliers against the risk of the automakers failing – has previously hastened the demise of a string of European companies.
Battle intensifies over US auto bailout
Senior Republicans on Capitol Hill on Wednesday made clear they would fight plans to rescue the US carmaking industry, as political wrangling over the proposed $25bn bail-out package for General Motors,
Retailers feel the credit squeeze
Retailers are being hit by a double credit whammy – the withdrawal or reduction of their lines of credit with major suppliers, and the loss of credit insurance.
Circuit City cited a lack of credit availability as one of the factors which contributed to its Chapter 11 filing,